How to survive the current buyers' market?
The much asked, yet often unanswered question of many current home owners, how long will it take to sell my home?
Many factors may influence the time it takes to sell your property, but in the current buyer's market, the following is important:
1. The initial listing price is key
A key factor affecting the time to sell your home is most understandably, the price. The price point determines where the house falls in the residential product offering and whether there is a long list of buyers (below R1.5million), or whether you fall in the more upmarket price bracket.
2. Trust the professional agent
If you have a trusted and professional agent, trust their advice regarding the current market-related valuation. Your open-mindedness towards the advice given to you by the agent is key- if he or she advises you on realistic market value, will you be willing to accept the valuation or if you have more time, are you willing to test the market at a higher price and risk losing realistic offers in the right timeframe.
3. The highest price isn't always best
Look, we all win if the sales price is higher, the agent gets a higher commission and the seller hopefully makes more profit, however going too high may negatively affect your sales strategy, so rather substantiate your market price by comparing it to recent sales in the area. That way, although you have the dream home, you will be able to see what buyers are willing to pay in your area and whether your expectations are on par.
4. Starting too high
Starting at a higher market price, does not mean the market will accept it and lowering the price at a later stage may actually negatively reflect on your property and buyer's will often wonder "what is wrong with the home for the price to be lowered..."
5. Why some properties sell faster
We often wonder why our beautiful home is taking so much longer than other homes. Remember, people buy more than brick and mortar and better sales are often driven by demographics such as areas with higher owner-occupiers, popular school catchment areas and the property's close proximity to town/village centres.
Lastly, and yes, this is a more subjective view coming from a real estate agency, but it is proven that properties with sole mandates actually do better. And when choosing the right agency, ask them about their marketing plan, their social media and online marketing strategies, which can help you determine whether they are the best at attracting the right potential buyers.
If you need any advice on your home, you know where to find us!
Author: Louw & Coetzee Properties